The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, on Tuesday urged International Oil Companies (IOCs) in Nigeria to increase investments in the oil and gas sector.
Lokpobiri, according to a statement issued by his Special Adviser on Media and Communication, Nneamaka Okafor, made the call at the Cross Industry Group (CIG) Meeting held in Florence, Italy.
The meeting was organised by IOCs operating in Nigeria.
It focused on challenges, expectations, and strategies to enhance the sector’s contributions to domestic energy needs and regional expansion across Sub-Saharan Africa.
The minister stressed that the President Bola Tinubu administration had provided all necessary incentives to ensure seamless and profitable operations.
He explained that while IOCs had identified Engineering, Procurement, and Construction (EPC) contractors as a challenge, EPCs would only commit when they observed strong investment decisions from industry players.
Lokpobiri said: “The government has done its part by providing the requisite and investment-friendly fiscal policies, including the President’s Executive Order incentivising deep water investments.
“Now, the ball is in the court of the IOCs and other operators to make strategic investment decisions that will drive increased production and sustainability in the sector.”
He stressed the need for IOCs to support local refining efforts, noting that more refineries were coming online and would require a steady supply of crude oil.
According to the minister, ramping up production would enable Nigeria to meet both local and international obligations.
© Ripples Nigeria